Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an insurance scheme offering life insurance cover for death due to any reason. It is a one-year cover, renewable from year to year. The scheme is offered by banks/post offices and administered through life insurance companies. All individuals who are account holders of participating banks/ post offices in the age group of 18 to 50 years are entitled to join.
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What Is The Nature Of The PMJJBY Scheme?
The scheme is a one-year term life insurance scheme, renewable from year to year, offering life insurance cover for death due to any cause.
How Will The Premium Be Paid?
The premium will be deducted from the account holder’s bank/post office account through an ‘auto debit’ facility in one instalment every year, as per the consent to be given on enrolment.
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Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana
- PMJJBY offers a one-year term life cover of Rs 2 Lakh to all subscribers in the age group of 18-50 years.
- PMJJBY covers death due to any reason.
- The premium payable is Rs 436 per annum per subscriber, to be auto-debited from the subscriber’s bank/post office account.
Are NRIs Eligible For Coverage Under PMJJBY?
Any Non-Resident Indian (NRI) possessing a qualifying bank account with a branch situated in India is qualified to procure coverage under the Pradhan Mantri Jeevan Jyoti Bima Yojana, provided they meet the stipulated terms and conditions of the program. Nevertheless, in the event of a claim, the beneficiary/nominee will receive the claim benefit solely in Indian currency.
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Key Things To Know;
- Eligibility: An NRI can enrol if they have an eligible bank account with a branch located in India. This means the account must be with a participating bank or post office.
- Terms and Conditions: NRIs enrolling in PMJJBY need to comply with all the scheme’s terms and conditions set by the government.
- Claim Payment: In case of a claim, the benefit amount will be paid to the beneficiary or nominee only in Indian rupees.
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